Switzerland’s PostFinance Selects FICO Falcon Platform To Protect Nearly 3 Million Debit Cards With AI
Analytics software firm FICO announced that Switzerland’s PostFinance will protect nearly 3 million debit cards with the FICO Falcon Platform, the world’s leading AI-powered payments card protection system. PostFinance, the financial institution of Swiss Post and a systemically important bank, will use the Falcon Platform to manage suspicious behavior on customers’ accounts, including activity that may be the result of scams, which are increasing across Europe during the pandemic.
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An estimated one-third of debit card transactions in Switzerland are made using PostFinance debit cards. PostFinance has also recently partnered with MasterCard to cobrand its debit cards, which can be used as MasterCard cards both internationally and domestically.
“Our goal is to be the leading digital bank in Switzerland,” said Christoph Stettler, senior security officer at PostFinance. “Trust is critical as we strive to give customers the best banking experience. This is why we selected the FICO Falcon Platform, which is known worldwide as the gold standard in payments fraud protection. Security is our main goal, but we also will ensure more frictionless transactions.”
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“Debit cards in many countries lack the strong level of protection that credit cards have long had,” said Steve Hadaway, vice president and general manager of FICO in Europe, the Middle East and Africa. “With the FICO Falcon Platform, PostFinance customers will enjoy the strongest protection possible, powered by more than 120 patents in the area of artificial intelligence for fraud detection.”
The FICO® Falcon® Platform is designed to adapt fraud defenses in real time, across all channels and payment types, with each transaction. Around two-thirds of the world’s card accounts are protected by the Falcon Platform, and more than 2.6 billion global payment accounts are in the FICO® Falcon® Intelligence Network. FICO was named the Category Leader for enterprise fraud solutions in the 2021 Chartis Enterprise Fraud Report.